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With more than fifteen years of property management expertise, the Evernest team has delved into nearly every aspect that contributes to the success of a PMC.
In one of our most insightful episodes, Spencer Sutton, Evernest’s Director of Market, explored a topic that often goes overlooked but we’ve found is critical for building healthy working relationships: emotional intelligence.
You can listen in to that conversation here or simply read on for top takeaways on how emotional intelligence can transform the way you interact with owners, residents, vendors, and your team.
Let’s dive in!
Understanding Emotional Intelligence in Property Management
First things first, let’s get clear on what emotional intelligence actually entails:
Emotional intelligence is the ability to perceive, understand, and manage our own emotions and the emotions of others. You might have heard someone’s degree of emotional intelligence called their EQ, as compared to their IQ.
In the property management industry, where interactions can be complex and challenging, emotional intelligence becomes the cornerstone of every successful relationship.
Empathy: The Heart of Communication
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One of the key components of emotional intelligence is empathy. It's the skill that allows us to put ourselves in someone else's shoes, to truly understand their feelings and perspectives.
In property management, we usually communicate through email and text, which can easily lead to misunderstandings. Here at Evernest, we’ve learned that active listening and opting for verbal communication when possible can make a world of difference in exercising empathy or otherwise understanding and addressing the emotions and concerns of others.
Self-Awareness: Know Thyself
Another critical aspect of emotional intelligence is self-awareness. It's about recognizing our strengths and limitations.
Over the life of the Evernest Property Management Show podcast, Spencer and Matthew have both shared personal stories where accepting responsibility for mistakes and letting go of past errors was pivotal. It's about self-confidence, self-acceptance, and managing emotions, especially in difficult situations—the kinds of difficult situations that are practically guaranteed to pop up in property management. These qualities not only contribute to our emotional intelligence but also to our growth as individuals and leaders.
Curiosity and Concern: Beyond the Surface
Being genuinely curious about others and showing concern is essential. It's not just about responding to what is said but understanding the underlying emotions.
Evernest strongly emphasizes the importance of responding thoughtfully instead of reacting impulsively in challenging situations. This approach can often defuse potential conflicts and lead to more productive outcomes.
Strategies for Developing Emotional Intelligence in Your Team
So, how can you put these concepts to work within your PMC? Let’s discuss some next steps.
Active Listening: The Foundation of Understanding
Active listening is a skill that can be easily developed and is fundamental for emotional intelligence. It involves fully concentrating on the speaker, understanding their message, and responding thoughtfully.
Encouraging this practice within your team can lead to better communication and relationship-building all around.
Feedback Mechanisms: The Path to Insight
Regular feedback is invaluable. It provides insight into what's working and what's not. We’ve found that employee engagement surveys, Net Promoter Score (NPS) for owners and residents, and one-on-one meetings with direct reports can all help. That’s because these tools help us gauge the emotional pulse of our business and respond appropriately.
Leadership and Emotional Intelligence: Leading by Example
The impact of emotional intelligence in leadership cannot be overstated! A leader with high emotional intelligence can positively influence the entire organization.
It's all about setting an example and fostering an environment where emotional intelligence is valued, taught, and developed.
The Ripple Effect of Emotional Intelligence
The cultivation of emotional intelligence within an organization has a ripple effect. It enhances relationships with everyone involved in the business, from owners to residents, to vendors, and within the team itself. It's a powerful tool that, when harnessed, can contribute significantly to the success of a property management business.
Final Thoughts: Emotional Intelligence for Property Managers
Essentially, emotional intelligence is not just a nice-to-have; it's a must-have in the property management industry.
By actively nurturing this skill set, we can build stronger, healthier relationships that are the bedrock of a thriving business. Remember, it's not just about managing properties; it's about managing relationships, and emotional intelligence is the key.
Ready for More?
We know what it’s like to grow a property management business from 30 doors to more than 16,000. The journey was anything but easy, and we learned tons of lessons along the way. Our desire to share that knowledge with you motivated us to start the Evernest Property Management Show podcast, a weekly newsletter, and our monthly webinar series for property managers.
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